Innovation

📈 Marriott International reported Q3 2024 results with a worldwide RevPAR increase of 3%, 2.1% in the United States and Canada, and 5.4% in international markets. Q3 reported diluted EPS was $2.07, down from $2.51 in Q3 2023. Net income decreased to $584 million from $752 million year-over-year. Adjusted EBITDA reached $1,229 million, up from $1,142 million. Approximately 16,000 net rooms were added, bringing the development pipeline to around 3,800 properties and 585,000 rooms, with over 220,000 rooms under construction. Marriott repurchased 4.5 million shares for $1.0 billion in Q3 and expects to return $4.4 billion to shareholders in 2024.

🏨 Stella Hotels, renowned for their hospitality on the Greek islands of Crete and Santorini, partners with The Hotels Network to optimize their direct booking strategy. Through state-of-the-art tools, they offer a seamless, personalized booking experience, enhancing online productivity. With the integration of Predictive Personalization, Stella Hotels saw a significant conversion rate increase, effectively targeting hesitant visitors and boosting direct reservations. The most effective campaign, the Predictive Personalization low-intent campaign, turned casual visitors into booked guests, proving its efficacy in improving direct channel performance.

🏨 Over the past decade, hotel technology has evolved from manual, disconnected systems to integrated, AI-driven platforms like Atomize RMS and Mews PMS. Atomize utilizes AI for real-time, automated revenue management, shifting from reactive to proactive strategies. Mews PMS redefines property management systems with a focus on the entire guest journey through open API architecture. Integrating Atomize and Mews offers unified data, enhanced revenue optimization, improved guest experiences, operational efficiency, and scalability. The synergy of these platforms fosters a guest-centric mindset, leverages data as a strategic asset, and requires a culture of agility within the hospitality industry. This tech stack modernization aims to create more personalized, seamless, and memorable guest experiences, representing the new standard in hospitality.

📒 Hotels aim to maximize revenue by reducing reliance on third-party platforms and building guest loyalty through effective data use. Advanced analytics and AI enable hyper-personalization in marketing, predicting peak booking times and tailoring guest experiences. A seamless booking process with mobile-first design and AI chatbots is critical, especially as mobile dominates. Real-time analytics help optimize marketing efforts, with tools like TrustYou CDP helping hotels personalize guest experiences and increase direct bookings.

📊 Digital logbooks in the hospitality industry provide date and time stamped checks for compliance, ensuring safety and quality experiences. Real-time data enables tailored workflows, automated reminders, and dynamic dashboards, which improves efficiency and guest satisfaction. This technology allows large brands to manage thousands of sites and employees, streamlining workflows, and cutting down on duplicated checks. Authored by Fred Whipp, VP of Business Development at mpro5, the article highlights the cost and time savings of real-time data solutions.

🌻 Vertical AI outperforms Generative AI in specific domains by leveraging specialized knowledge, ideal for industries like travel that require understanding of specific language and data. These systems excel due to their highly targeted and effective solutions. Key challenges for Vertical AI include high data costs and customer acquisition. Companies with extensive data and established customer bases have an advantage, as they can scale quickly and cost-efficiently. Vertical AI offers significant opportunities in travel for price prediction, data mapping, fintech, and ad tech.

📱 68% of consumers used QR codes in the past year, with 49% of Gen Z and 51% of Millennials scanning them weekly. The 2024 Paris Olympics implemented a QR "Games Pass" for venue access, managing millions of visitors efficiently. The hospitality sector learned QR systems can deliver personalized service while handling high volume. Efficiency is the top factor in customer satisfaction, and QR systems with real-time analytics and dynamic code management offer operational flexibility. Nearly 80% of travelers prefer automated check-in, and over 40% favor digital booking. A major resort property using QR technology served 80,000 unique customers and saved $150,000 annually on printing. QR codes can help properties increase direct bookings, offer competitive rates, and adjust pricing in real-time for budget-conscious travelers.

💰 The UK-based Access Group is set to acquire Paytronix, a guest engagement platform provider for restaurants and convenience stores, from Great Hill Partners in Boston. Paytronix, established in 2001, operates in over 50,000 locations across 1,800 brands and has processed more than 40 billion transactions. Paytronix intends to integrate with Access products, enhancing their suite for global clients. Great Hill Partners, which acquired Paytronix in 2017, praised the company’s growth, and CEO Jeff Hindman anticipates further success under Access Group. Terms of the deal were not disclosed.

💳 The UK-based Access Group is acquiring Paytronix, a guest engagement platform provider for restaurants and convenience stores, from Great Hill Partners. Founded in 2001, Paytronix is headquartered in Newton, Mass., and operates on over 50,000 sites for 1,800 brands with more than 40 billion transactions processed. The platform features online ordering, loyalty programs, omnichannel messaging, and more, with over 500 partnerships including Google and Apple Pay. Access Group aims to integrate Paytronix with its products to enhance the guest experience. Terms of the deal were not disclosed.